Arcadium Lithium price target lowered to $9 from $38 at Evercore ISI

Evercore ISI lowered the firm’s price target on Arcadium Lithium to $9 from $38 and keeps an Outperform rating on the shares after having dug back through the firm’s pro forma assumptions and aligned them with the firm’s lithium price deck changes. With the merger having closed on January 4 and the NewCo set to provide initial pro forma guidance for 2024, the firm attributes the wide skew of Street numbers to uncertainty around volume growth along with uncertainty as to how much material will move into the supply chain in the first half of 2024, the analyst tells investors.